APPROVED
by the General Meeting of the Shareholders
of Basic Index Capital, Corp.
Minutes No. 3 from July 20, 2000
Chairman of the Meeting: (signature) A.N. Krasotkin 
CALCULATION
of the price characteristics of the cost of shares
of Basic Index Capital, Corp. and RosCapital Real Index
(with amendments and modifications approved by Minutes No. 4 of the General meeting of the Shareholders of Basic Index Capital, Corp. from January 31, 2001, Minutes No. 12 of the Council of directors of Basic Index Capital, Corp.
from September 21, 2001)

1. The equivalent prices of Basic Index Capital, Corp. (Pr_{i (*)})
reflect temporary fluctuations of prices; at that in connection with the calculation of the maximum, minimum and weightedmean prices, the opening and closing prices, it becomes possible to consider not only longterm changes, but also the corridor of fluctuations for one trading day. This allows already at early stages of the investment fund activity (before the entering of its shares onto the stock exchange) to conduct the analysis of the shares with the help of classical tools of technical and portfolio analysis, and later to analyze the prices received by the results of trading with the equivalent price characteristics resting on calculations, which will serve as an additional tool for the market analysis.
The equivalent prices (Pr_{i (*)}) in accordance with the following formula: 
Pr_{i
(*)} = ,(1) 
where Z = z_{zi}
+ z_{vi} (2) 


>0,
Z_{vi} =*
T, 
(3) 
<0, Z_{vi}
= 0 


where n = 0…N* 
P_{ni (*)}
 relevant ** price *** of the transactions in rubles on MICEX by the Kind of the securities  n, on the ith date of calculation, on which there were transactions with it. In absence of any transactions with the security on MICEX on the ith date of calculation the weightedmean price is taken from RTS (in rubles at the weightedmean rate on MICEX for the relevant date) or MFE (sequentially).
V_{ni}  volume of the Kind of the securities  n, on the ith date of calculation in the Portfolio in share units.
k_{i}  aggregate number of the Basic Index Capital, Corp. shares on the ith date of calculation in share units, including the real number of the issued shares of Basic Index Capital, Corp. on the ith date of calculation, paid number of the Basic Index Capital, Corp. shares under the obligations taken (including those under the contracts of loan, forward, futures and similar agreements) on the ith date of calculation.
z_{zi}   the sum of charged, but not yet paid taxes for the moment i.
z_{vi}  tax on profit received for the current period from the moment of the last purchase.
P_{ni (*)0}  the relevant price of the transactions in rubles on MICEX by the Kind of the securities  n, for the date of purchase.
N  number of Kinds of the securities included in the Portfolio of Basic Index Capital, Corp.
Т  aggregate rate of taxes at the moment of approval. It consists of the turnover tax  4 % from the profit, profit tax  30 % from the profit (15 % for the paid coupon) and constitutes 29 %. 

2. Real prices of Basic Index Capital, Corp.
P_{real (*)}  price characteristics calculated under general rules, proceeding from the prices of the real transactions with shares.


3. The optimum quotations for the purchase and sale of the Basic Index Capital, Corp.
shares are characteristics for facilitating the sale and purchase operations which serve as some kind of reference points for the transactions of the dealers (marketmakers).
The calculation of this group of price characteristics is performed in accordance with the following formulas: 

3.1. Share sale price (Pr bid i):
n = 0…N* 
P_{max ni}
 maximum price of the transactions in rubles on MICEX by the Kind of the securities  n, on the ith date of calculation, on which there were transactions with it. In absence of any transactions with the security on MICEX on the ith date of calculation the maximum price is taken from RTS (in rubles at the weightedmean rate on MICEX for the relevant date) or MFE (sequentially).
V_{ni}  volume of the Kind of the securities  n, on the ith date of calculation in the Portfolio in share units.
k_{i}  aggregate number of the Basic Index Capital, Corp. shares on the ith date of calculation in share units, including the real number of the issued shares of Basic Index Capital, Corp. on the ith date of calculation, paid number of the Basic Index Capital, Corp. shares under the obligations taken (including those under the contracts of loan, forward, futures and similar agreements) on the ith date of calculation.
z_{zi}  the sum of charged, but not yet paid taxes for the moment i.
z_{org}  taxes on the organization, i.e. emission taxes (tax for the issue of securities at the rate of 0.8 % from the issue nominal and tax for the issue registration at a rate of 20 minimum wages).
q_{n}  established brokerage for the Kind of the securities  n.
sp_{i}  maximum spread by the kinds of the securities included in the Portfolio of Basic Index Capital, Corp., for 3 days precedent to the ith date of calculation.
N  number of Kinds of the securities included in the Portfolio of Basic Index Capital, Corp. 
The maximum spread is calculated in accordance with the formula: 
,
where (5) 
F_{n}(p)
= ,где
(6) 
n = 0…N. 
_{i}
 maximum change of the price for the Kinds of the securities included in the Portfolio of Basic Index Capital, Corp., for 3 days, from the period of 30 trading days precedent to the ith date of calculation.
The maximum change of the price is calculated in accordance with the formula: 
,
where (7) 
(p)
= max , где (8) 
n = 0…N, j =
1…3. 
The brokerage
(q_{n}), maximum spread (sp_{i}) and maximum change of prices (_{i})
) are included in the calculation of the salepurchase prices in view of possible change
at the moment of the Portfolio liquidation. 

3.2. Share purchase price (Pr _{ask i}):

n = 0…N* 
P_{ni}
 floor price of the transactions in rubles on MICEX by the Kind of the securities  n, on the ith date of calculation on which there were transactions with it. In absence of any transactions with the security on MICEX on the ith date of calculation the weightedmean price is taken from RTS (in rubles at the weightedmean rate on MICEX for the relevant date) or MFE (sequentially).
V_{ni}  volume of the Kind of the securities  n, on the ith date of calculation in the Portfolio in share units.
k_{i}  aggregate number of the Basic Index Capital, Corp. shares on the ith date of calculation in share units, including the real number of the issued shares of Basic Index Capital, Corp. on the ith date of calculation, paid number of the Basic Index Capital, Corp. shares under the obligations taken (including those under the contracts of loan, forward, futures and similar agreements) on the ith date of calculation.
N  number of Kinds of the securities included in the Portfolio of Basic Index Capital, Corp.
Z  see formula (2).
The maximum spread and maximum change of the prices (sp_{i} and
D_{i}) are calculated pursuant to formulas (3) and (5).
The brokerage (q_{n} )is established in accordance with the aggregate volume of the transactions of the particular investor by the Kind of the securities per day. 

3.3. Weightedmean price of the share (Pr _{weigh i}): 

P_{wni}
 weightedmean price of the transactions in rubles on MICEX by the Kind of the securities  n, on the ith date of calculation on which there were transactions with it. In absence of any transactions with the security on MICEX on the ith date of calculation the weightedmean price is taken from RTS (in rubles at the weightedmean rate on MICEX for the relevant date) or MFE (sequentially).
V_{ni}  volume of the Kind of the securities  n, on the ith date of calculation in the Portfolio in share units.
k_{i}  aggregate number of the Basic Index Capital, Corp. shares on the ith date of calculation in share units, including the real number of the issued shares of Basic Index Capital, Corp. on the ith date of calculation, paid number of the Basic Index Capital, Corp. shares under the obligations taken (including those under the contracts of loan, forward, futures and similar agreements) on the ith date of calculation.
N  number of Kinds of the securities included in the Portfolio of Basic Index Capital, Corp.
Z  see formula (2).
The maximum spread and maximum change of the prices (sp_{i} and
D_{i}) are calculated pursuant to formulas (3) and (5).
The brokerage (qn) is established in accordance with the aggregate volume of the transactions of the particular investor by the Kind of the securities per day.
If the security was not traded at one of the floors of MICEX, RTS and MFE on the ith date of calculation, P_{wni} shall be taken to equal zero (P_{wni}=0). 

3.4. The liquidating cost of the share of Basic Index Capital, Corp. "Базовый Индекс Капитала" (Pr _{lik})
is calculated similarly to the calculation of the minimum quotation, at that in absence of transactions by the kind of the securities  n on the ith date of calculation the price shall be taken to equal zero (P_{min ni} = 0). This is connected with the fact that if it is necessary to liquidate the Portfolio, the Kinds of the securities will be sold at the current rate of the given kind in the market, and the worst scenario envisages that this will be the floor price, and under the condition of no transaction being effected for the Kind of the securities n, this Kind will not be sold.


4. The RosCapital Real Index (RosCapital_{i}) shows the change in the capitalization of the securities market and Russia as a whole, as it includes liquid Kinds of the securities of most capitalized issuers of the Russian Federation. 

4.1. The value of the RosCapital Real Index (RosCapital_{i}) on the ith date of calculation is established in accordance with the following formula: 

, where (11) 
(12) 

Pr weigh i 
weightedmean price of the share of Basic Index Capital, Corp. on the ith date of calculation.
Irci  transformation factor intended for better visualization of the RosCapital Real Index graph.
Drctj issue factor flattening the value of the RosCapital Real Index at conducting additional issues and receiving additional incomes at time t. 
(13) 
_{rct(j1)}
 issue factor flattening the value of the RosCapital Real Index at conducting additional issues and receiving additional incomes at time t.
_{rct(0)} = 1
 transformation factor of the previous period.
P_{rweight(j)}  weightedmean price of the Basic Index Capital, Corp. shares on the day of issue before the accomplishment of operations for the assets of the new issue.
P_{rweight(j+)}  weightedmean price of the Basic Index Capital, Corp. shares on the day of issue after the accomplishment of operations for the assets of the new issue. 
For example:
RosCapital_{i} = 100
_{rct(j1)} =
1 Prweight(j) = 0,01 roubles.
For new issue in amount of 2 000 000 000 roubles:
P_{rweight(j+)} = 0,02 roubles
The common number of shares  1000 020 000 000
_{rctj} = (0,01/0,02)*1=
0,5
I_{rci} = 0,5 * 10 000 = 5 000
RosCapital_{i} = 0,02 * 5 000 = 100 

4.2. The flattened value of the RosCapital Real Index (RosCapital_{5})
is intended for a milder analysis of the change in the securities market capitalization.
The flattened value of RosCapital_{5i} is calculated in accordance with the formula:

RosCapital_{5i} =
,where (14) 
RosCapital_{i}
 value of the RosCapital Real Index on the ith date of calculation. 

4.3. The turnover on the RosCapital Real Index (Vi) reflects the volume of operations performed on MICEX, MFE and RTS with all kinds of the securities included in the Portfolio of Basic Index Capital, Corp. on the ith date of calculation. 
The volume for the RosCapital Real Index (Vi) is calculated in accordance with the formula: 
V_{i}
= , where (15)

V_{ni}
 aggregate turnover in rubles on three floors MICEX, MFE, RTS for the security (n) included in the Portfolio, on the ith date of calculation. 

4.4. The capitalization of the RosCapital Real Index (C_{i})  reflects the aggregate capitalization of the Kinds of the securities included in the Portfolio of Basic Index Capital, Corp. 
The capitalization
(C_{i}) is calculated in accordance with the following formula: 
C_{i}
= , where (16) 
С_{ni}
 total issued volume of the Kind of the securities n on the ith date of calculation. 
P_{ni}
 equivalent weightedmean price of the transactions in rubles on MICEX by the Kind of the securities n, on the ith date of calculation on which there were transactions with it. In absence of any transactions with the security on MICEX on the ith date of calculation the weightedmean price is taken from RTS (in rubles at the weightedmean rate on MICEX for the relevant date) or MFE (sequentially).


4.5. The turnover time for the RosCapital Real Index (Oid, Oi %) (O_{id}, O_{i%})
reflects the relative activity of the market. 
O_{id}
= (17)

O_{i%}
= (18) 
* * n = 0 implies free money resources in the Portfolio.
** Accordingly, the first, opening, minimum, maximum, closing, last, weightedmean.
** *In absence of transactions for the Kind of the securities  n, on the ith date of calculation at all stock exchanges it will be taken to equal zero. 
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